Southern Gold Coast and Tweed Coast unit values in decline: HTW residential

The southern Gold Coast and Tweed Coast localities held up quite well in the easing or falling market, according to the latest Herron Todd White (HTW) residential report. 

As with the central Gold Coast, there is a lack of urgency from buyers and properties must be competitively priced in the current market.

Selling agents are reporting that there are a number of unrealistic vendors and that they are considering not taking on listings for these properties.

"Properties located close to the coastline and priced under $1.5 million have been less impacted by the current easing market along with duplex units and townhouse and villa units with low body corporate fees," the valuation firm said. 

"Properties priced above $1.5 million generated significantly less activity with agents who reported decreased interest and less sales compared to 12 months ago." 

A current offering is an architect designed multilevel house at Currumbin priced at $2.5 million. 

Occupying a 624 square metre block, the house at 15 James Street (pictured below) comes with four bedrooms, three separate living and entertaining zones, Caesarstone kitchen and engineered swimming pool. 

Privately positioned amid rainforest, it is only a short stroll from golden sand, still water estuary and local cafes.

"On the opposite side of the coin, there was very limited demand from investors in the market, predominantly due to uncertainty around the election," the valuation firm commented. 

Accordingly, units in complexes where buyers are mainly investors were difficult to sell and there has been a significant drop in value levels.

There was a recent sale of a one-bedroom unit at Varsity Lakes for $252,000.

Located within five minutes walk to Bond University, the fully furnished apartment at 78/228 Varsity Parade comes with large bedroom, separate living area, private balcony and full kitchen with bench tops. 

Comparable sales in the previous six months generally ranged between $260,000 and $280,000 and the selling agent advised that there was very limited enquiry.

This unit previously sold in June 2015 for $255,000 and the original developer sale was in March 2007 for $349,500.